Small businesses dominate the Australian market, with 98.4% of Australian businesses classified as small and medium-sized companies. Running a small business is definitely not a walk in the park. There are essential strategies involved to maintain relevance and grow in the market. Admittedly, most of these involve significant funding that only a few can afford. Fortunately, you can explore free or low-budget ideas when you plan your marketing. Here is a discussion on a few ways to do that.
Increase your participation in networking events
Even in the age of social media and other digital options, traditional networking continues to play a major role in expanding your business’s reach. Face-to-face networking is as simple as it sounds. It presents an opportunity to meet people from different industries who may have a genuine interest in your operations as a small business. According to successful entrepreneurs, networking events can help you build a reputation and create new professional relationships. They are also fertile avenues for varied business opportunities.
As a small business owner, you may want to find out the details about networking events in advance. Some organisers charge a small fee to participate in such events; others do not. In many cases, fees go into paying for the venue. It also helps foot the bill for participants’ refreshments. Data also shows that many small business networking events are held in Melbourne and Sydney. You may want to take advantage of these social interactions to reap benefits for your business. Thankfully, you can check business networking sites like the Melbourne Business Network, Speed Networking Sydney and Adelaide Small Business Connections
Focus on letterbox drop options
In 2021, statistics showed that Australia is still a hotbed for letterbox drops. According to data, households receive four promotional items in any given month. This is good news for your small business because it means you have another low-budget option to expand your marketing activities. Apart from allowing you to directly target local customers, this option also helps your business avoid crowded communication channels.
Create a refer-a-friend scheme
A 2019 Forbes research revealed that customer referrals lower marketing costs by as much as 54% per lead. This shows how essential they are, especially to small business operations. The Forbes research findings are supported by the thinkwithgoogle.com site, which gave further details. It stated that apart from the cost reduction, 64% of Australians are likely to jump onto a referral scheme if the mobile site of the business in question is accessible. Indeed, this is excellent news you cannot overlook.
Recommendations are free; they create the desired buzz around the business and help with marketing. As a small business entrepreneur, this can be your lifeline to reach a wider market while creating relevance simultaneously. Indeed, sometimes, referrals come with some commitment to rewards. However, it is your responsibility to plan around how that can be done without increasing costs for the business. Anything you decide to do should positively impact your customers and keep them returning for repeat business.